Milan's Arbitral Tribunal has judged that the contracts over the sale of Italy's RCS headquarters to Blackstone in 2013 were valid but found that the purchaser's behaviour may entitle the Italian publisher to compensatory damages, RCS said on Tuesday.
The case centres on the ownership of RCS' historic headquarters in central Milan, which Blackstone bought from RCS for 120 million euros in 2013.RCS, owner of influential daily Corriere della Sera, launched arbitration proceedings in Milan in late 2018 to nullify the sale of the asset, saying Blackstone took control of the headquarters at too low a price, while RCS faced financial difficulties. It asked for the transaction to be annulled.
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